It’s been around 25 days living
in the lockdown. For first few days, we were really thinking how we would be
able to spend 21 days sitting indolent, literally doing nothing. Now that we
have spent considerably good time in the state of isolation, few trends and
learning could be penned. Are we really “isolated” for these times? Have we
really made the first lockdown time unproductive? Were we really fueling the
degrowing economy?
Here are few points I noticed
over last few weeks of isolation :-
1. WFH
A New Way :- While we had lived with lot of jargons and terminology,
here is the latest in the list, Work From Home or WFH precisely. Though this
terminology were existing in the corporate world but was taken as a process to
fulfil both the social and professional commitments. Most of the companies even
had defined the no of days one can have WFH and was generally not more than 1
or 2 days a month or even quarter. Now that we are in a situation where WFH is
the only way out, we have started realizing the output that can be driven from
this new process. Most of the people I know are always saying that throughout
the day they are in some tele con or virtual meeting and day is more hectic
than a normal office day. So, a new learning is productivity can be driven even
when a person is W(ing)FH. Over a period of time, nothing surprising if the
office space would start becoming narrower and physical meeting would be called
for socializing with the associates rather. Virtual meeting would play bigger
role in aligning the employees. Moreover, as much as 30 – 40 % roles would be
made WFH role only with the desired KPI. This may considerably lead to reducing
the part of compensation as well for the associates with WFH profile. Perhaps
the new aspiration would be to move to the office role from the WFH role.
2. Virtual
Meeting :- Virtual meeting is another process that almost every, at
least private sector, employee are practicing. Frankly speaking, whenever I was
conducting any regular contact meeting, it was costing us not less than a lakh
rupee including the travel and stay of all the associates. Mine is a team of 5
people. Not only that, whether you are willing or not you may have to attend
those evening informal sessions as well. While I agree, these informal sessions
do have greater importance, but having it every month become more of a boozing
exercise. Besides there are lot of non-productive minutes and at times even
hour during the meeting. These virtual meeting now is a new learning for any
company. The meeting could be made if not more, equally productive without
loosing lots of money. So, while the productivity may not be questionable, this
is giving a suppleness of saving lots of cost for the organization and a net
profit or GTN would further improve, though not at a larger extent. The better
ways perhaps in future is to have mostly a quarterly team physical meeting and
rest of the time can be done through virtual meeting. This may make more sense
in context of the sales organization with a team spread across the geo.
3. Importance
of Home Office :- I never have made any work station or work space in
my home. I do were doing some of the times the WFH or even post working hours,
had to work at home. Now that it is an everyday affair and that had pushed me
to create a workstation at home. The productivity further improves if one is
creating a workstation ambience at home. This going forward, would be one prerequisite
in every domiciliary. There may be a good surge in the miniature office furniture
and even builders and developers would like to create a small office space in
the flat. The new terminology would not be BHK but it would be BHKO. There are
high chances that a housing society would be having an office space with workstations
an essential as like club, library, playground.
4. The
Innovation in Business Logistics :- In these tough time, ensuring robust
delivery mechanism is quite difficult for the product selling organizations.
This may be because of shortages of inhouse employees working as driver, delivery
boy, loaders etc. This is making way to businesses of logistics outsourcing for
intercity and intracity. During the current situation, lots of small-time
business had started showing their relevance in the business and are flourishing.
This, at this point in time is looking expensive, but once many players start
exploring this space the competitiveness would bring price advantages to the
organization. Besides, if scale would get created, it would also be profitable
for these logistics outsourcing agencies. Many product selling organizations
would start revising the margins they are giving to the business partners and would
start utilizing that money for the logistics outsourcing. The only watch out for
these logistics outsourcing organizations is to improve upon the efficiency and
be a need and relevance for the organizations.
5. Trending
Digitization :- When people are avoiding the contact with multiple people,
the digitation would play a pivotal role now which may range from taking orders
to processing payments. Many IT organizations would start thinking of developing
software for order taking which could be kept at the stores. Avoiding crowd
would further lead to developing apps and software that could be used for virtual
interaction say for example for consultation works, education etc. These days,
few of the institution are practicing that. Even the music class of my son is
happening on digital platform. This would become new norms of the society over
a period of time.
6. Changed
Face of Entertainment :- While for some time now, the crowded places
would be avoided by people, entertainment industry would literally see great
change in the way it was happening. It though had started few months back when
lot of mobentertainment companies like Netflix, Amazon Prime, MX Player etc
had started gaining the oculus and a niche had been created that was spreading
in the length and breadth. This would further strengthen and many a big name
would start entering into this. Even the TV which once had been prophesied to
be the thing of past would again boost. TV industry would start adding
innovation to give a theater experience to the audience. Even the movies
telecast could be bought by the customers for one time viewing. Nothing strange
when the movie would be released on the internet where individual audience
could buy a right of viewing it into their personal home theater. Besides, the
small screen would further become smaller with bigger audience and impact. The
popularity of the show or movie would be easier to measure than a TRP process
which is not so scientific. A whole new era is knocking the door for the
entertainment industry.
7. Fine
to Dine at Home :- With the same principle of reducing the social
distancing, the take away would be new in and dining would start losing the
luster. Restaurant industry would start getting into giving the fine dining
experiences at the guest home by selling some of those accessories like candle,
cutleries etc. They possibly would start sending their interior experts / waiter
and chef to the individual homes where all would be arranged at home only and
would try giving the same exotic experiences. This of course would come with
some premium pricing. This would possibly continue for at least 1 – 2 years till
the time all are getting assurance that it is safe to go out now.
8. Lockdown
A Process :- Lockdown is a buzz word for the entire world now that
almost all the countries are practicing this wherever the Corona impact is
there. Though this had made the life and economy of the country miserable,
there is a silver lining of this. The pollution of the world is now at the lowest
level across the globe. This is being recognized by all the countries. Some
time now, this would become a new norm of keeping the country to the lockdown
for some time every year to repair the damages we are doing to the mother
nature. How I see this is, lockdown would become a week exercise every six
months. Corona is not only creating havoc, but also is giving some learning.
9. New
Face of Health And Fitness :- Out of all, the one who is feeling worst
hit because of Corona is the gymmers. These group of people are finding it
difficult to stay away from Gym. With the changing new normal situation, again
an extension of virtual world would be seen when this industry will get into
creating a virtual experience for the target audience. Lot many companies
working in this sector would start floating time for the customers when all
could be connected through video conferencing and would do workout at home. A
new sector of handy equipment would start finding its market. An actual gym
would start finding place in household while giving virtual experience to the TG.
10. Premiumization
A Myth :- One big learning post lockdown is that how fragile the world
economy is that even a month lockdown is giving a rock – jolt that no one is
getting into an idea of how to recover fast. Since last few years
premiumization was getting a fast momentum, it suddenly will start feeling
pressure and a big population would start going back to the basic products.
Companies would get a pressure of creating economical products without losing
upon the quality of the products. The big gainer would be the companies who are
already into the mass range space. More and more companies would start putting
innovation to control prices without compromising with the quality. This may
put pressure on the earning, but this is the way it is. Over a period of time, consumer
offers would not much be relevant in the market. More and more companies would
sell products without thinking much into “customer buy more”. The major focus
of most of the companies would shift to “more people buy” and a fresh round of
rural exploration would happen when many more companies would like going deeper
in the country.
11. Saving
For Future :- During the last world economic crisis in early 2000, only
those countries were said to be saved themselves who had citizen habit of
saving the earning rather than making it more mobile. India was one such country.
After seeing the fragile status of economy, again most banking sector would
appreciate saving culture. Financial institutions would get into developing
products that can give better liquidity of money and making the money work for
the earning as well. Government may try bringing small investors into mainstream
again by reducing the interest on saving. More relaxation would be given to
banks in CRR and Reverses Repo Rate to help them overcome the foreseen crisis. A
minimum of 5 years is what looks like for economy to get back to normal.
Everyone is pleading to get away
from the current situation. A new world is waiting for us beyond the current
situation which would change the way we do things. Let’s start preparing ourselves
as well to meet the new world demand and make our own bigger space there.
Amitesh
